Excited to be a part of the BP community!
Investor · Batesville, AR · Member since 2016 · 20 posts · 6 votes
My name is Sakarin, and I am a new member of BP & an investor looking to build on my first deal in North Central and Central Arkansas. I am looking to network with other investors, build a renovation team, and scale our real estate investing business. Are you a BP member in Arkansas? Please feel free to contact me for networking or a meeting!
Hello and welcome to BP! This is a good site where you can learn and ask questions to people that might have been there. I was born and raised in Dallas Texas and still live in Dallas County. You did not saying about your financing so it makes it harder to advise you. One of the things you will need before you start is having a pre-approval loan letter or a proof of funds to help you get deals. Cash buyers are getting an advantage by closing quicker.
Another thing you should do is form some sort of corporation or a LLC. You might need an attorney and/or a tax accountant once you have made up your niche and market. You also should consider selecting an office with little distractions. You can use your own place, just be formal. Practicing your estimating can help you. Your decision is pretty precise but your location is general. Just fulfill an average place for that neighberhood.
Before you start investing you might want to select a Team full of local professionals that are experienced in your field and will return your phone calls promptly. The primary Team members are Attornies, real estate Agents, CPA's (or accountants), Inspectors, General Contractors, and Handymen. Do not try to do everything yourself. Get an insurance policy of property you close on that will protect you if there is a loss.
I am 60 years old and I found BP about a year ago and I have not decided what to do yet. Just make sure the market you select has diversity in the economy and a population growth. Do not try anything that makes your product different from what is average for that neighberhood. Make sure you like your niche selection. Do not stretch your buys too far apart. Try to make your market selection is less than one hour away from your home or office.
Try to focus on income productive things. I have been in construction since I was 17, including those college years. My business college degree was emphasized by real estate. After I graduated, I got a real estate broker license but never did that full time. I kept that license active for about 30 years. My father bought and sold real estate for about 45 years and he taught me a little bit. Good luck to you!
Hello and welcome to BP! This is a good site where you can learn and ask questions to people that might have been there. I was born and raised in Dallas Texas and still live in Dallas County. You did not saying about your financing so it makes it harder to advise you. One of the things you will need before you start is having a pre-approval loan letter or a proof of funds to help you get deals. Cash buyers are getting an advantage by closing quicker.
Another thing you should do is form some sort of corporation or a LLC. You might need an attorney and/or a tax accountant once you have made up your niche and market. You also should consider selecting an office with little distractions. You can use your own place, just be formal. Practicing your estimating can help you. Your decision is pretty precise but your location is general. Just fulfill an average place for that neighberhood.
Before you start investing you might want to select a Team full of local professionals that are experienced in your field and will return your phone calls promptly. The primary Team members are Attornies, real estate Agents, CPA's (or accountants), Inspectors, General Contractors, and Handymen. Do not try to do everything yourself. Get an insurance policy of property you close on that will protect you if there is a loss.
I am 60 years old and I found BP about a year ago and I have not decided what to do yet. Just make sure the market you select has diversity in the economy and a population growth. Do not try anything that makes your product different from what is average for that neighberhood. Make sure you like your niche selection. Do not stretch your buys too far apart. Try to make your market selection is less than one hour away from your home or office.
Try to focus on income productive things. I have been in construction since I was 17, including those college years. My business college degree was emphasized by real estate. After I graduated, I got a real estate broker license but never did that full time. I kept that license active for about 30 years. My father bought and sold real estate for about 45 years and he taught me a little bit. Good luck to you!
@Sarah Hansen It is nice to meet you too! My wife has visited the Fayetteville area and absolutely loved it! What kind of investing are you doing there?
@Michael Lee Thank you for the advice. I kind of feel more limited in terms of choices regarding how to invest since while there are urban centers around me (the biggest being Jonesboro to the north and Little Rock to the south), both are within 1 1/2 hrs away (not very close!) In town, there are several people who have had a great deal of success, and I am working on networking with them. One of my big limitations right now is financing because I carry some hefty student loan debt that has made getting conventional mortgages impossible, so long as they are looking at debt-to-income ratios. What I love about real estate most is the possibility of creative financing; we bought our first house with seller financing, and we are looking at getting our first 5 rent houses using seller financing too.
I don't have conventional financing, but I've analyzed hundreds to thousands of deals before pulling the trigger on these two. What I hope to find on BP is private money or equity partners that want to split some of the better deals that I've had to pass on because I couldn't fund the rehab or couldn't get the seller to finance.
BTW How is the Dallas Real Estate market?
Thank you for any more advice you can give me!
@Sarah Hansen That's awesome! I hear that your market has seen and continues to see a lot of growth. What are the steps and main challenges with ground up new construction?
Hello again! Thank you for responding to me. I think Dallas is probably good around Dallas.. Since I have little experience I do not know for sure. I have heard a bunch of good things about Dallas and I do not think that will change. My wife's mother lives in Arkansas right now but she is trying to sell. Maybe you should consider getting a cash-rich Partner. He usually would have to beleive in making you money.
You could choose to not have a Partner and just have to be more productive at what you choose to do. My mother-in-law had to drive about two hours from home just to find a hospital. She is living on about 10 acres and a retirement home on it. She use to work down south and owned about five acres of a camp ground and a convenience store with her husband but he died a couple of years ago and it is a little of work to stay in that place in Arkansas by herself.
You just have to be patient and creative to stay in Arkansas. By soloing in real estate you might use another type of attorney to advise you. Networking might pay off with your financing delima. You might have to find what you are looking for but I think you will have to a good reputation with this market. Using private lending and home owners might work for you.
I am 60 years old and I found BP about one year ago and I still have not decided what to do. I have been in construction since I was 17 and I held an active broker license for about 30 years but never did that full time. My father has been buying and selling real estate (mostly commercial) for about 45 years and he has taught me a little bit. Good luck to you!
Hello again! You sound like you know what you are doing. The more you learn the more confident you will sound like you know what you are saying. I have heard that several people have got things from this website so keep being vocal and let everybody know your situation. Keep getting out there and building your relationships with your prospects and more will hopefully help you with financing. You might have to talk to a few more but keep it up. Be consistent and patient and you will make it. Thank you for writing me and telling me so much. Please feel free to contact me though BP! Best wishes!
Hey @Michael Lee!
Appreciate the kind words. Everything you said is right about bp. And of course, persistence is what leads to success in this business, so you bet that I'll keep at it. Keep in touch and all the best to you!
Hi Sakirin and welcome! I'm also a newbie and have been on BP for about a month. I live in SW Arkansas. You said investors in your area were having success. Is that in Batesville or are they buying houses in the larger cities? I plan on buy/hold, but I don't know how profitable it'll be in my small town, so I may have to look elsewhere.
I visit family in Batesville frequently. I've toyed with investing in the area b/c I'm familiar with the neighborhoods and head up there so often. How are you finding your deals? The fact that your aren't bankable is probably a huge blessing even though it doesn't feel like it now.
Private message me or email me and we can sync up on your plans and discuss the housing market there.